Title 34
Property
Chapter 27
Mortgage Foreclosure and Sale
R.I. Gen. Laws § 34-27-9
§ 34-27-9. Mediation conference. [Reinstated from § 34-27-3.2.]
(a) Statement of policy. It is hereby declared that residential mortgage foreclosure actions, caused in part
by unemployment and underemployment, have negatively impacted a substantial number
of homeowners throughout the state, creating a situation that endangers the economic
stability of many of the citizens of this state as the increasing numbers of foreclosures
lead to increases in unoccupied and unattended buildings and the unwanted displacement
of homeowners and tenants who desire to live and work within the state.
(b) Purpose. The statutory framework for foreclosure proceedings is prescribed under the provisions
of chapter 27 of this title. As the need for a mortgage mediation process has evolved,
it is important for the state to develop a standardized, statewide process for foreclosure
mediation rather than a process based on local ordinances that may vary from municipality
to municipality. By providing a uniform standard for an early HUD-approved, independent
counseling process in owner-occupied principal residence mortgage foreclosure cases,
the chances of achieving a positive outcome for homeowners and lenders will be enhanced.
(c) Definitions. The following definitions apply in the interpretations of the provisions of this
section unless the context requires another meaning:
(1) “Default” means the failure of the mortgagor to make a timely payment of an amount
due under the terms of the mortgage contract, which failure has not been subsequently
cured.
(2) “Department” means the department of business regulation.